Loading ...ya can’t see it on the chart but he has the 5th wave ending between 26,100 and 26.400–which is where we are as I writ
Don’t know if we will see it or not, but the 200 day SMA on the ES is 3024.23. This would roughly coincide with the July 2019 highs which preceded the August sell-off and the Sept 2019 highs which preceded the October sell-off.
We are currently at the 3064 to the 3067 area which happens to be the 9 month SMA and a monthly fib support on the S&P cash. Everything is moving slow motion so it is somewhat difficult to gauge. There has been little enthusiasm in any of the mild rally attempts on the way down here since last night’s scorcher off the 3091 level. . Buyers seem to have thrown in the towel for now.
On the RTY there is a convergence of several different types of Pivot supports between 1511 and 1515. If this minor 1525 support falls, I will take another shot at 1515 area
There are several support areas all bunched together down here on both the S&P and the RTY.
I usually do not hand out these numbers but I know many people are very nervous right now, so there is hope on the near term horizon, or so it appears. As always, any new positions should be stop protected especially once you get a little distance between your entry point and the market. . NEVER let a profit turn into a loss.
Cheif is also getting more positive on things in here, so check him out on Alexa for the final word.
***************************************************************************
YM1! (DOW) Count Update. Here’s a wave count for this nasty decline. I think its in the final leg. Breeze…[ya can’t see it on the charts but he has the 5th wave ending between 26,100 and 26.400–which is where we are as I write]